The credit Repair Thread

[LeVraiPapi]

That's some bullshyt, even if you make payments on time, the loan still hurts you? . So student loans is basically a double edged sword, you get debt AND it fukks up your credit, which is detrimental for opportunities to allow you to actually get out of debt. Wow...

You make payments on time, it barely helps you, if any. They don't consider student loans as an indicator for good credit since almost anybody can get one, but once u done paying it, it will stop reporting and ur score drops like 10 to 20 points easily. Check online, you will see people crying about it

 

[-DMP-]

YMMV but student loans haven't really hurt my credit. maybe its keeping it from being 800+ but im still above 780 so

 

[LeVraiPapi]

YMMV but student loans haven't really hurt my credit. maybe its keeping it from being 800+ but im still above 780 so

Once you're done paying em, your score will drop. Paying on time doesn't really help you. Also, I'm sure you have other good lines of credit.

 

[mannyrs13]

Got my scores at 764. Haven't been that high since September. I have been lowering my balances and am like at 5% utilization. Can't wait to get rid of my car note. Only 1700 left. Hopefully by labor day if not sooner.

I don't know if my score will go up some more or not based on closed accounts. Simulators only have it going up to 765 if I pay my balance off. But I do have some closed accounts that may be getting removed within the summer from my report. That is if the thing about seven years from when you defaulted is true? Not sure how that affects your score since I don't think I've experienced that before and the accounts are closed so they don't affect utilization or age of credit.

Hopefully it helps remove those missed payments, amazing how I've turned my credit around by being focused on it, and helps my score a bit. If I can be at 770 or higher by labor day, I'm happy. That's the goal.

 

[LeVraiPapi]

Got my scores at 764. Haven't been that high since September. I have been lowering my balances and am like at 5% utilization. Can't wait to get rid of my car note. Only 1700 left. Hopefully by labor day if not sooner.



I don't know if my score will go up some more or not based on closed accounts. Simulators only have it going up to 765 if I pay my balance off. But I do have some closed accounts that may be getting removed within the summer from my report. That is if the thing about seven years from when you defaulted is true? Not sure how that affects your score since I don't think I've experienced that before and the accounts are closed so they don't affect utilization or age of credit.

Hopefully it helps remove those missed payments, amazing how I've turned my credit around by being focused on it, and helps my score a bit. If I can be at 770 or higher by labor day, I'm happy. That's the goal.

That's amazing. I'm at 705 now from 620 last year. After this mortgage, I'm about to open like 2 more major cards and keep utilization very low. Pray for me brehs

Once I close on that house, I'm going in.

 

[Kal El]

I'm still confused about how to properly use a secured credit card to build credit.

I've read to keep the utilization below 30%. I get that.

But let's say my card reports my info to credit bureaus on the last business day of each month, but my bill is due on the 10th of each month.

When do I make a payment? And should I leave a balance remaining or pay it all? I've read paying off the whole balance is bad because if reported it shows no payment history, and it's like you don't even have a card.

Say I have a limit of $300. And I've used $100 (30% rule). How much of that $100 should I pay if my bill is due on the 10th of each month?

Please help a brotha out Shyt is frustrating

 

[LeVraiPapi]

I'm still confused about how to properly use a secured credit card to build credit.

I've read to keep the utilization below 30%. I get that.

But let's say my card reports my info to credit bureaus on the last business day of each month, but my bill is due on the 10th of each month.

When do I make a payment? And should I leave a balance remaining or pay it all? I've read paying off the whole balance is bad because if reported it shows no payment history, and it's like you don't even have a card.

Say I have a limit of $300. And I've used $100 (30% rule). How much of that $100 should I pay if my bill is due on the 10th of each month?

Please help a brotha out Shyt is frustrating

Good question.

This is the trick. You must find out exactly when the statement is made. Before that statement day or due date, you need to make sure you're at 10% or less. I recommend to pay in full if you don't wanna pay any interest fees or if you have the money to do it. Paying in full is a good thing. Your balance shows low, the company is more likely to give you an increase. It doesn't make much difference if you're at less than 10%


In summary, pay off the card by due date if you can or keep at less than 10%. That's the new way of building credit now.

 

[DrunkenNovice]

what is a good credit card to get as a first timer with low credit

If you just have new credit, and not bad credit.

I would recommend contacting Captial One and seeing if they still have their credit steps program before you take the plunge on a secured

 

[DamienWayne]

If you just have new credit, and not bad credit.

I would recommend contacting Captial One and seeing if they still have their credit steps program before you take the plunge on a secured

I would say I have bad credit a couple of bills that went to collections

 

[LeVraiPapi]

I would say I have bad credit a couple of bills that went to collections

Don't ever pay collections. Never. Give them a few years and dispute them.

 

[Eza]

757 on CK right now...

 

[LeVraiPapi]

757 on CK right now...

Great stuff. I m gonna open some more cards once I pay off this card and finish paying off my car. I need 2 more major cards

 

[mannyrs13]

Score went up a point from last time. Plus the simulators all have me going up atleast ten points based on my current balances and payments. They're still behind from the current payments I made from my paycheck this week. I'll be at 780 before the end of the month.

 

[mannyrs13]

whoever compromised my credit card. I hate dealing with issues like that. I hope they get painfully tortured.

 

[LeVraiPapi]

whoever compromised my credit card. I hate dealing with issues like that. I hope they get painfully tortured.

Which company you got ? Some companies use offshore call centers. There goes your privacy and safety. It's just cheaper for them